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Aluminum Market Morning Review (2015-1-7)

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LME aluminum underperformed other base merals on Tuesday, down to USD 1,785/mt, and ended at USD 1,786/mt. Trading volumes increased 2,853 lots to 18,218 lots, with positions up 816 to 791,418. 
The euro zone’s composite PMI hit 11-month low in December. Markit’s US composite PMI, ISM’s US non-manufacturing PMI, and US November factory orders were all depressed. Crude oil prices hit new low. The dollar strengthened further. These negative factors combined to drag LME aluminum down.   
On Tuesday night, SHFE 1503 aluminum contract fell to RMB 12,775/mt after starting at RMB 12,800/mt, and finished the night session at RMB 12,790/mt. Trading volumes totaled 26,446 lots, with positions up 192 to 160,754. 

The most active SHFE aluminum contract should stay weak between RMB 12,770-12,850/mt on Wednesday as bearish sentiment lingers. In China’s spot market, suppliers will hold offers firm, which will cool buying. Spot premiums of RMB 0-40/mt are expected over SHFE 1501 aluminum contract.

Zhejiang Yaang Pipe Industry Co., Limited

Article Categories:
Aluminum · Metals

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